Smt D Naga Sunanda Devi v. Canara Bank
Case brief
What is this about?
The Tribunal considered an application for waiver of pre-deposit under the SARFAESI Act. Relenting on the Supreme Court's observation regarding debt calculation in auction disputes, it directed the appellant to deposit 40% of the claimed debt amount.
What did the court decide?
Directing the appellant to deposit an amount equal to 40% of Rs. 55 Lakhs as pre-deposit within six weeks.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL: KOLKATA CAMP COURT AT DRT, VISAKHAPATNAM
Diary No. 208 of 2020
(Arising out of 254 of 2019 in DRT, Visakhapatnam)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
14.08.2023
Smt. D. Naga Sunanda Devi &Ors ..........Appellant
-Vrs-
Canara Bank &Ors ..........Respondent
Mr.M. Narasimha Rao, Learned counsel for the Appellant
THE APPELLATE TRIBUNAL:
IA No. 125/2020 an application filed under Section 18 (1) of the SARFAESI Act for wavier from making pre deposit.
Heard the Ld. Counsel for the parties and perused the record.
Issues for consideration
2 issues framed by the court
Whether the appellant is entitled to a waiver of pre-deposit requirement under Section 18(1) of the SARFAESI Act.
What amount should constitute the pre-deposit given the financial crisis of the appellant.
Parties & counsel
- appellant
Smt. D. Naga Sunanda Devi & Ors
- respondent
Canara Bank & Ors
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · August
- CNR
- 191090002082020
- Topic
- Banking and Recovery
All orders in this case
13 orders share this CNR
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